Politics

Burr Responds To Reports That He Dumped Stocks After Private Meeting On Coronavirus Impact

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Henry Rodgers Senior Congressional Correspondent
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Republican North Carolina Sen. Richard Burr responded Friday to the reports that he was caught selling millions of dollars worth of stocks after a closed-door Senate-only meeting previewing the impact of the coronavirus pandemic.

Burr reportedly sold nearly $1.5 million of his own stocks in February, shortly before hosting a private meeting with wealthy constituents where he detailed to them the possible impacts of the coronavirus, according to NPR. Republican Georgia Sen. Kelly Loeffler reportedly sold around $3.1 million in stocks she held with her husband between January 24 and February 14, just before the deadly disease caused the stock market to tank.

In a statement, the North Carolina Senator denied any wrongdoing and said: “Specifically, I closely followed CNBC’s daily health and science reporting out of its Asia bureaus at the time.” (RELATED: Senators Loeffler And Burr Caught Dumping Their Stocks After Private Meeting On Coronavirus Impact)

“I relied solely on public news reports to guide my decision regarding the sale of stocks on February 13. Specifically, I closely followed CNBC’s daily health and science reporting out of its Asia bureaus at the time. Understanding the assumption many could make in hindsight however, I spoke this morning with the chairman of the Senate Ethics Committee and asked him to open a complete review of the matter with full transparency,” Burr stated.

Loeffler responded to the accusations Friday, saying “This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband’s knowledge or involvement.” She also said, “As confirmed in the periodic transaction report to Senate Ethics, I was informed of these purchases and sales on February 16, 2020 — three weeks after they were made.” (RELATED: Doug Collins Rips Kelly Loeffler For Dumping Stocks After Private Meeting On Coronavirus Impact)

Burr says he has asked the chairman of the Senate Ethics Committee to open a full review of the matter.